FYI: Fund managers in the US are keeping their pruning shears sharp. In 2017, for the second year running, US investment companies cut more mutual funds than they launched.
It was only the fifth year in recent decades that recorded a net reduction in funds, according to data from both Morningstar and Lipper.
But unlike 2002, 2003 and 2009, when fund liquidations and mergers followed market crashes, the latest downsizing has taken place during an extended bull market.
Regards,
Ted
https://www.ft.com/content/1bc459aa-074e-11e8-9650-9c0ad2d7c5b5
